BS ISO 5116-3:2021 - Improving Transparency in Financial and Business Reporting

Harmonization Topics: Mapping between DPM and MDM

Standard Number: BS ISO 5116-3:2021

Pages: 62

Released: 2021-08-05

ISBN: 978 0 539 13714 9

Status: Standard

Overview

The BS ISO 5116-3:2021 standard is a crucial document for professionals in the financial and business reporting sectors. This standard focuses on improving transparency in financial and business reporting by addressing harmonization topics and providing a comprehensive mapping between Data Point Model (DPM) and Metadata Model (MDM). Released on August 5, 2021, this 62-page document is an essential resource for ensuring consistency and clarity in financial reporting.

Key Features

• Comprehensive Guidance: Offers detailed guidance on harmonizing financial and business reporting standards.
• Mapping Between DPM and MDM: Provides a thorough mapping between Data Point Model (DPM) and Metadata Model (MDM), facilitating better understanding and implementation.
• Enhanced Transparency: Aims to improve transparency in financial and business reporting, ensuring that stakeholders have access to clear and consistent information.
• Global Standard: As an ISO standard, it is recognized and applicable globally, making it a valuable resource for international businesses and financial institutions.

Why Choose BS ISO 5116-3:2021?

In today's fast-paced and interconnected world, transparency in financial and business reporting is more important than ever. The BS ISO 5116-3:2021 standard provides a robust framework for achieving this transparency by harmonizing reporting standards and offering a clear mapping between DPM and MDM. This not only helps in reducing discrepancies and inconsistencies but also enhances the reliability and comparability of financial reports.

Who Should Use This Standard?

This standard is designed for a wide range of professionals and organizations, including:

• Financial Analysts: To ensure accurate and transparent financial reporting.
• Accountants: To adhere to global standards and improve the quality of financial statements.
• Auditors: To verify the consistency and reliability of financial reports.
• Business Managers: To make informed decisions based on transparent and reliable financial data.
• Regulatory Bodies: To enforce compliance with international financial reporting standards.

Benefits of Implementing BS ISO 5116-3:2021

Implementing the BS ISO 5116-3:2021 standard offers numerous benefits, including:

• Improved Accuracy: Ensures that financial reports are accurate and free from discrepancies.
• Enhanced Comparability: Facilitates the comparison of financial data across different organizations and jurisdictions.
• Increased Trust: Builds trust among stakeholders by providing transparent and reliable financial information.
• Regulatory Compliance: Helps organizations comply with international financial reporting standards and regulations.
• Operational Efficiency: Streamlines the financial reporting process, reducing the time and effort required to produce accurate reports.

Conclusion

The BS ISO 5116-3:2021 standard is an invaluable resource for anyone involved in financial and business reporting. By providing a clear and comprehensive framework for harmonizing reporting standards and mapping between DPM and MDM, this standard helps to improve transparency, accuracy, and reliability in financial reporting. Whether you are a financial analyst, accountant, auditor, business manager, or regulatory body, implementing this standard will enhance the quality of your financial reports and build trust among stakeholders.

BS ISO 5116-3:2021

This standard BS ISO 5116-3:2021 Improving transparency in financial and business reporting. Harmonization topics is classified in these ICS categories:

• 03.060 Finances. Banking. Monetary systems. Insurance

This document aims to provide an introduction to the topic of creating a conceptual model for storing multidimensional data which is received as XBRL instances that follow the rules defined by European taxonomies published by the European Banking Authority (EBA) or by the European Insurance and Occupational Pensions Authority (EIOPA).